DUBLIN, May 21 (Reuters) - The largest shareholder in
London-listed UDG Healthcare said a $3.7 billion offer
for the company from private equity firm Clayton, Dubilier &
Rice was "opportunistic and significantly undervalues UDG and
its prospects".
Allianz Global Investors, which has an 8.6% holding in UDG,
said it was "minded not to accept the current offer despite it
being recommended to shareholders by the Board of UDG".
CD&R agreed to buy UDG for 2.6 billion pounds ($3.7 billion)
in cash on May 12.
"Having come through the trials of the pandemic with a
strong balance sheet, AllianzGI believes UDG can realise the
potential of recent acquisitions, consider further inorganic
opportunities and improve the efficiency of its capital
structure," Allianz GI said in a statement.
CD&R has agreed to pay 10.23 pounds per share in UDG,
representing a premium of 21.5% to the closing price the day
before the offer was made public. The shares traded at 10.43
pounds at 1415 GMT on Friday.
The deal was one in a series of private equity moves for
London-listed companies in recent weeks
UDG, which has its headquarters in Dublin, specialises in
healthcare advisory, communications, commercial, clinical and
packaging services.
A spokeswoman for the UDG declined to comment when contacted
by Reuters.
(Reporting by Graham Fahy
Editing by Keith Weir)
